Revenue and Cost of Production Quiz
Authored by ash laureano
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for Total Revenue?
Total Revenue = Price × Quantity
Total Revenue = Quantity × Price
Total Revenue = Price + Quantity
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is the difference between Accounting Income and Economic Profit?
Accounting Income = Total Revenue – Total Cost
Economic Profit = Total Revenue – [Explicit Cost + Implicit Cost]
Both are the same
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Opportunity Cost?
The cost we forgo to get something else
The actual cost being paid by the firm
The cost of production
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Rationing function of price?
Changes in prices attributed to the distribution of resources
Changes in prices that direct resources away from overcrowded markets
None of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Allocative function of price?
Changes in prices attributed to the distribution of resources
Changes in prices that direct resources away from overcrowded markets
None of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Marginal Product?
The change in output from one additional unit of input
The total output produced
The cost of production
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of diminishing marginal product state?
Marginal product decreases as the quantity of the input increases
Marginal product increases as the quantity of the input increases
Marginal product remains constant
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